DreamWorks Animation acquires AwesomenessTV for $33 million

In a deal that underscores the growing importance of digital platforms for reaching young audiences, DreamWorks Animation said it is acquiring the YouTube teen network AwesomenessTV for $33 million in cash.

Under terms of the agreement, DreamWorks will pay the up-front cash consideration and there are incentives that could ultimately make the acquisition ultimately worth as much as $117 million, if AwesomenessTV achieves certain performance goals over the next two years.

"AwesomenessTV is one of the fastest growing content channels on the Internet today and our acquisition of this groundbreaking venture will bring incredible momentum to our digital strategy," DreamWorks Animation Chief Executive Jeffrey Katzenberg said in a statement.